On September 30, 2026 at 9:25 a.m., the price of oil stood at $102.56 per barrel using the Brent benchmark, up $2.37 from the previous day and $35.87 from one year ago. Over one month, the barrel gained 11.55 percent. The article explains the mechanisms behind oil price formation, driven mainly by supply and demand, and explores the link between crude oil prices and pump prices. It also covers the role of the U.S. Strategic Petroleum Reserve and key historical milestones in the oil market, from the 1970s oil shock to the 2020 COVID-19 pandemic.
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